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论文编号：	11228
作者编号：	2320170368
上传时间：	2019/12/9 17:18:00
中文题目：	HK有色金属公司赴香港IPO融资策略研究
英文题目：	Research on Financing Strategies of HK Nonferrous Metals Company IPO in Hong Kong
指导老师：	齐岳
中文关键字：	矿业；中小企业；融资策略；香港IPO
英文关键字：	Mining; Middle-Small Size Firms；Financing Strategies; IPO in Hong Kong
中文摘要：	矿业作为典型的“高风险、高投入、高回报、长周期”行业，在全球矿业动荡调整、分化加剧的产业大背景下，中小型矿企发展面临着各种障碍和挑战，就如何破解中小型矿企面临的发展难题，本文选择HK有色金属公司为研究对象，对其面临的发展环境和融资困境进行了详细论述，以破解融资困境为着眼点，全面论述赴港IPO融资策略及实施方案。 文章首先对现代融资理论的框架和发展脉络进行梳理，以企业融资困境及对策和国、内外权益融资比较为重点，对目前关于企业融资策略的研究现状进行回顾。结合HK有色金属公司战略、资产和财务现状，对公司面临的发展形式和制约进行分析，指出矿业行业在面临矿产品价格波动加剧、市场竞争不断激化、生态环保要求逐步提升的不利发展环境下，由于优质矿业资产相对缺乏，加之人才储备匮乏，以HK有色金属公司为代表的中小型矿企发展举步维艰。在面临的诸多问题和挑战中，融资困境是比较突出的瓶颈问题，通过对内在融资制约、融资渠道制约和A股上市制约的逐项分析，对公司目前面临的融资障碍展开全面论述，并认为积极融入国际矿业资本市场将是有效的解决途径。 本文在综合对比A股、港股及全球其他主要矿业资本市场后，重点对国内企业在香港上市的独有比较优势展开论述，认为在香港证券市场是HK有色金属公司实施IPO首选地，且赴港IPO是破解公司当前融资困境的可行性方案。从拓展融资渠道、丰富经营模式、完善企业管理等三个维度对公司赴港IPO动因进行论述，并总结了事业人员身份、激励不足、同业竞争等三项阻碍上市的不利因素。基于上述分析，从资源整合、资产优化和资本引进三个层面对HK有色金属公司赴港IPO的融资策略进行全面论述。 综上，对公司赴香港IPO的实施方案和破解阻碍的应对措施逐一介绍，并提炼出优化法人治理、完善资产结构、健全管理制度、改善财务状况、丰富激励机制五项保障措施，全面论述HK有色金属公司赴港IPO融资策略的整个流程。 最后，结合参与HK有色金属公司赴港IPO融资策略的策划和实施，文章对国内企业赴港IPO提出五项建议，供业界参考借鉴。
英文摘要：	Due to mining as a typical "High-risk, Long-cycle, High investment, High return" industry, coupled with the global mining industry turmoil adjustment and differentiation, the development of middle-small size mining firms is facing with lots of obstacles and challenges. In order to help middle-small size mining firms how to overcome development problems, this article choose HK nonferrous metals company as the research object, to discuss by detail on the development environment and the financing predicament. For overcoming the financing predicament, this paper systematically describe financing strategies and implementation plan of IPO in Hong Kong. Firstly, this paper summarizes the framework and development of modern financing theory, then focusing on the financing difficulties and countermeasures of enterprises and the comparison of equity financing in domestic and international stock markets, this paper also reviews the current research on financing strategies of enterprises. Combined with development strategies, assets and financial status of HK nonferrous metal company, this paper analyzes the form and the restriction to the development, and points out that middle-small size mining firms represented by HK nonferrous metals company is struggling for survival, because the mining industry is in the face of the commodity price volatility, while the market competition is intensified, and ecological environmental protection requirements gradually improve, combined with the lack of high quality mining assets, and talent pool. Between those problems and challenges, the financing predicament is the bottleneck, through discussing item by item about the internal financing constraints, financing channel restriction and constraints of listed in China, this paper systematically describe financing obstacles and suggest actively joining the international mining capital market will be the effective way for developing. After comprehensive comparison of domestic, Hong Kong and other major stock markets for mining, this paper focuses on the unique comparative advantages of domestic enterprises listed in Hong Kong, and believes that the Hong Kong stock market is the preferred place for HK non-ferrous metal companies to conduct IPO, and think IPO in Hong Kong is A feasible solution to solve the current financing predicament. This paper discusses the motivation of IPO in Hong Kong from the three dimensions of expanding financing channels, enriching business models and improving enterprise management, and summarizes the three disadvantageous factors that hinder the listing, such as the identity of business personnel, insufficient incentives and competition among the same industry. Based on the above analysis, the financing strategies of HK nonferrous metal company IPO in Hong Kong are comprehensively discussed from the three aspects of resource integration, asset optimization and capital introduction. Then, the listing plan and the countermeasures to overcome obstacles are introduced one by one, and five safeguard measures are extracted including optimizing corporate governance, improving the asset structure, improving the management system and enriching the incentive mechanism. The whole process of IPO financing strategies in Hong Kong is comprehensively discussed. Finally, based on the knowledge of participating in the planning and implementation IPO financing strategies of HK non-ferrous metal company, this paper puts forward five suggestions for domestic enterprises to IPO in Hong Kong for reference.
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